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What is a surplus?
Having an excess (too much) of a good or service
Opportunity cost
How much people want an item
Consumer
When the price goes down, the demand goes up
Cause consumer to not buy anything
A country's 2nd choice of what to make
Doctor
Which choice does NOT describe specialization?
Having an excess (too much) of a good or service
Opportunity cost
How much people want an item
Consumer
When the price goes down, the demand goes up
Cause consumer to not buy anything
A country's 2nd choice of what to make
Doctor
Who decides how much of something is bought (demand)?
Having an excess (too much) of a good or service
Opportunity cost
How much people want an item
Consumer
When the price goes down, the demand goes up
Cause consumer to not buy anything
A country's 2nd choice of what to make
Doctor
Which choice is NOT an example of a good?
Having an excess (too much) of a good or service
Opportunity cost
How much people want an item
Consumer
When the price goes down, the demand goes up
Cause consumer to not buy anything
A country's 2nd choice of what to make
Doctor
Which choice is NOT an example of what competition can cause?
Having an excess (too much) of a good or service
Opportunity cost
How much people want an item
Consumer
When the price goes down, the demand goes up
Cause consumer to not buy anything
A country's 2nd choice of what to make
Doctor
What is the definition of the law of demand?
Having an excess (too much) of a good or service
Opportunity cost
How much people want an item
Consumer
When the price goes down, the demand goes up
Cause consumer to not buy anything
A country's 2nd choice of what to make
Doctor
What is the best description for the term Demand?
Having an excess (too much) of a good or service
Opportunity cost
How much people want an item
Consumer
When the price goes down, the demand goes up
Cause consumer to not buy anything
A country's 2nd choice of what to make
Doctor
I have to choose between playing either basketball or volleyball. I am going to play volleyball because I am better at it. Economically speaking what would you call basketball, my second choice?
Having an excess (too much) of a good or service
Opportunity cost
How much people want an item
Consumer
When the price goes down, the demand goes up
Cause consumer to not buy anything
A country's 2nd choice of what to make
Doctor
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